PHOENIX (CN) – Top officers in Syntax-Brillian, LCD makers, filed false financial documents, wiping out one investor’s $20 million investment and costing shareholders $375 million, TECO Electric & Machinery claims in Federal Court.
TECO sued Syntax-Brillian CEO Vincent F. Sollitto, Jr., its president James Li and CFO Wayne Pratt, claiming their false filings pumped the share price to $6 or $7.
Based on these filings that they knew were false, TECO says, the defendants persuaded it to buy $20 million worth of Syntax shares. Three weeks later, it says, the true picture emerged, whacking one-third off the share price in a single day. TECO says the bad financial news continues, and that it lost $20 million.
Syntax made liquid crystal displays and high-definition TV screens.
TECO is represented by Lewis and Roca of Phoenix and Hahn & Hessen of New York.